[June 29, KOREA WAVE]South Korea’s total fertility rate hit an all-time low of 0.72 last year, and the number of births plummeted to 230,000. It has been pointed out that there is a noticeable decline in the workforce in certain industries, such as the food and beverage and educational services industries.

On the 25th, the Korea Economic Research Institute and the Korea Labor Institute held a seminar titled “Impacts and Challenges of Population Decline on the Labor Market” in Yeongdeungpo-gu, Seoul.

Jeong Cheol, president of the Korea Economic Research Institute, said, “Not only will a declining population make it difficult for companies to secure human resources, it will also cause a decline in productivity due to a shortage of skilled workers and an aging population. ” Heo Jae-joon, president of the Korea Labor Institute, suggested, “We need to allow highly educated, highly skilled young women to participate in the labor market even after giving birth.”

According to an announcement by Professor Lee Cheol-hee of Seoul National University, the industries that will see the biggest decline in labor supply due to population changes over the next 20 years are restaurants and izakayas (a decrease of 669,426 people), retail trade (610,000 people), and wholesale and product brokerage (237,255 people).

For those with higher education, the declines were expected to be greater in the educational services and financial industries.

(c)NEWSIS/KOREA WAVE/AFPBB News